audreyh1
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Yes, I believe it will be taxable as it is not a discount. So expect it to be included in your 1099.
With that kind of money, I would suggest that you contact the two branch managers with a description of the kind of rep you would like to work with. Young/old, male/female, investing interests, years of experience, etc. and ask to interview a couple of candidates at each shop. IMO the rep is a lot more important than the name over the door and, really, $2500 is a nice number but it is a tenth of one percent of a $2.5M portfolio. So should IMO not be a huge factor in a decision. The first test for the rep interviews is to ask them the questions in your post just now.... I'd be moving 7 figures over 3 accounts if I transfer it all.
With that kind of money, I would suggest that you contact the two branch managers with a description of the kind of rep you would like to work with. Young/old, male/female, investing interests, years of experience, etc. and ask to interview a couple of candidates at each shop. IMO the rep is a lot more important than the name over the door and, really, $2500 is a nice number but it is a tenth of one percent of a $2.5M portfolio. So should IMO not be a huge factor in a decision. The first test for the rep interviews is to ask them the questions in your post just now.
Reviving this thread after a bit of dormancy.
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Also, does anyone know if the $2500 bonus amount mentioned in this thread is still around? I'd be moving 7 figures over 3 accounts if I transfer it all.
Reviving this thread after a bit of dormancy.
I believe I've made up my mind to leave Vanguard, probably after the first of the year. But I have a couple preparation steps I can do this year. I'm researching both Schwab and Fidelity as many do.
If I'm successful in getting a bonus from either of them to switch my accounts over, is that bonus considered taxable income? Will they send me a tax form to use with my taxes? Since I manipulate my income for ACA purposes, I want to know how much it could impact my income for the year.
Also, does anyone know if the $2500 bonus amount mentioned in this thread is still around? I'd be moving 7 figures over 3 accounts if I transfer it all.
Really ?!!?!... If you have one or two accounts, then you pick one or the other based on the bonus. ...
Here is a reason to consider keeping funds spread among more than one institution.
Found out today that my elderly in-laws were scammed recently. They got conned into giving the scammers access to their brokerage online account and away went the available cash.
With funds spread among more than one institution, scammers could not get access to all of one's funds.
+1Here is a reason to consider keeping funds spread among more than one institution.
Found out today that my elderly in-laws were scammed recently. They got conned into giving the scammers access to their brokerage online account and away went the available cash.
With funds spread among more than one institution, scammers could not get access to all of one's funds.
Thats so awful. Can you elaborate on what exactly happened so others don't make same mistake?
I don't have all the details since my in-laws were not completely lucid while relating the story.
One of them made a purchase on Amazon. There was a problem, or thought there was a problem, so they called what they thought was Amazon customer service but was actually the scammer phone number.
Scammer (posing as Amazon rep) told them there were known scams in progress (no kidding!!) and that they should call their brokerage company, where they have their credit card. One of them asked the scammer if they had the brokerage company phone number. Of course, the scammer gave them another scammer phone number.
At some point, the scammer (posing as a brokerage rep) sent them an email with a link to click on to "troubleshoot" the problem. Of course, this gave the scammers access to all of their funds at that brokerage.
The scammers then told my in-laws that the only way to protect their money was to wire their available cash at the brokerage firm to the "Federal Reserve for investigations". Of course, this had my in-laws wire money to the scammers. And once funds are sent by wire they are gone forever.
At some point, my in-laws were told not to tell anyone about this, because it might compromise the investigation.
This isn't all the details but it is all I recall from the conversation. They have reported the scam to the relevant law enforcement authorities, but little is likely to happen on that front.
I received an email from Amazon today warning of such scamsI don't have all the details since my in-laws were not completely lucid while relating the story.
One of them made a purchase on Amazon. There was a problem, or thought there was a problem, so they called what they thought was Amazon customer service but was actually the scammer phone number.
Scammer (posing as Amazon rep) told them there were known scams in progress (no kidding!!) and that they should call their brokerage company, where they have their credit card. One of them asked the scammer if they had the brokerage company phone number. Of course, the scammer gave them another scammer phone number.
At some point, the scammer (posing as a brokerage rep) sent them an email with a link to click on to "troubleshoot" the problem. Of course, this gave the scammers access to all of their funds at that brokerage.
The scammers then told my in-laws that the only way to protect their money was to wire their available cash at the brokerage firm to the "Federal Reserve for investigations". Of course, this had my in-laws wire money to the scammers. And once funds are sent by wire they are gone forever.
At some point, my in-laws were told not to tell anyone about this, because it might compromise the investigation.
This isn't all the details but it is all I recall from the conversation. They have reported the scam to the relevant law enforcement authorities, but little is likely to happen on that front.
Mine still says "Available Soon". I did get a 1099-INT last week.Schwab issued their 1099-xxx today.
Have you talked to anyone at the bond desk? I don't even bother with the web interface.I think I will have to deviate from my intended single basket objective. Schwab simply does not have access to any 5% CDs over 1 year. At least not that I can see. I am not really interested or comfortable messing with uninsured investments AKA bonds.
We will be taking $0.5 out and investing $0.25 each in Navy Federal's 5% 15 Month CD. Sorry Schwab.
Have you talked to anyone at the bond desk? I don't even bother with the web interface.